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Oil prices dropped more than four percent on Wednesday, reaching their lowest levels since June, as anticipation about global consumption of fuel grew. Brent crude prices completed at $74.30 per barrel, down 3.8%, while WTI crude futures in the United States slid 4.1% to $69.38. Concerns about China's economic health and future fuel demand also impacted prices. Last week, U.S. gasoline stockpiles grew by 5.4 million barrels, above analysts' expectations of a 1 million-barrel increase. Crude inventories declined by 4.6 million barrels, beating experts' expectations of a 1.4 million-barrel drop. Despite OPEC+ supply cuts, prices have fallen roughly 11% from the November 29 settlement.

Oil falls 4% as build in gasoline stocks fuel demand concerns

Oil prices dropped more than four percent on Wednesday, reaching their lowest levels since June, as anticipation about global consumption of fuel grew. Brent crude prices completed at $74.30 per barrel, down 3.8%, while WTI crude futures in the United States slid 4.1% to $69.38. Concerns about China’s economic health and future fuel demand also impacted prices. Last week, U.S. gasoline stockpiles grew by 5.4 million barrels, above analysts’ expectations of a 1 million-barrel increase. Crude inventories declined by 4.6 million barrels, beating experts’ expectations of a 1.4 million-barrel drop. Despite OPEC+ supply cuts, prices have fallen roughly 11% from the November 29 settlement.

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